frozen pensions
#1
Forum Regular
Thread Starter
Joined: May 2003
Location: great barr.bham
Posts: 39
frozen pensions
My husband tried to get a transfer value of his pension,but they would not give him one as they said they are wating for some new bill to be passed in the goverment to do with pensions.As anyone else come across this with there pensions,his pension is frozen at present with his previous employer(BMW) .Possibly wont get any info for months to come and we are moving to oz in aug...
#2
Hi,
I phoned our insurance company today to discuss pensions and options...they said nothing to me about a new bill...both companies are providing us with a transfer value as it stands today...
I phoned our insurance company today to discuss pensions and options...they said nothing to me about a new bill...both companies are providing us with a transfer value as it stands today...
#3
Banned
Joined: Aug 2002
Posts: 7,613
The trustees are obliged to give certain information on written request, see http://www.opas.org.uk/publications/...ourPension.htm
What information do I have to ask for?
Upon written request you are entitled to receive:
a benefit statement if you are in a final salary scheme. This should include:
your membership data as held by the scheme authorities; and details of your benefits either now or assuming you continue as a member of the scheme until normal retirement age (unless you are already receiving your pension from the scheme), in either case using your present pensionable pay
details of the transfer value should you leave and transfer your benefits to alternative pension arrangements (unless you are already receiving your pension from the scheme)
You are entitled to see or receive on request:
information about the scheme's constitution, usually the trust deed and rules. You are also entitled to see any amendments made since the documents were issued
a copy of the scheme's Annual Report and Accounts
a copy of the latest actuarial valuation
a copy of the latest schedule of contributions
a copy of the latest statement of investment principles.
With the exception of the Annual Report and Accounts, the scheme can make a modest charge.
In the case of most public service schemes only the first requirement above applies.
Is there any other information I can have?
Under trust law you should be able to see documents which are the property of the scheme authorities. You do not have a right to see anything which has confidential information about another member or his or her benefits.
Where can I get the information?
You should ask the scheme authorities. In practice it is often someone such as the scheme administrator who will actually provide the information.
Is something wrong if I can't get the information I want?
The regulations which set out what information the scheme authorities must provide are very complicated. Failure to provide the information can be a clue that there are problems with the running of the company pension scheme. If you are having difficulty in obtaining information, have put your request in writing to the scheme authorities and have not received a satisfactory reply, you should contact OPAS.
What information do I have to ask for?
Upon written request you are entitled to receive:
a benefit statement if you are in a final salary scheme. This should include:
your membership data as held by the scheme authorities; and details of your benefits either now or assuming you continue as a member of the scheme until normal retirement age (unless you are already receiving your pension from the scheme), in either case using your present pensionable pay
details of the transfer value should you leave and transfer your benefits to alternative pension arrangements (unless you are already receiving your pension from the scheme)
You are entitled to see or receive on request:
information about the scheme's constitution, usually the trust deed and rules. You are also entitled to see any amendments made since the documents were issued
a copy of the scheme's Annual Report and Accounts
a copy of the latest actuarial valuation
a copy of the latest schedule of contributions
a copy of the latest statement of investment principles.
With the exception of the Annual Report and Accounts, the scheme can make a modest charge.
In the case of most public service schemes only the first requirement above applies.
Is there any other information I can have?
Under trust law you should be able to see documents which are the property of the scheme authorities. You do not have a right to see anything which has confidential information about another member or his or her benefits.
Where can I get the information?
You should ask the scheme authorities. In practice it is often someone such as the scheme administrator who will actually provide the information.
Is something wrong if I can't get the information I want?
The regulations which set out what information the scheme authorities must provide are very complicated. Failure to provide the information can be a clue that there are problems with the running of the company pension scheme. If you are having difficulty in obtaining information, have put your request in writing to the scheme authorities and have not received a satisfactory reply, you should contact OPAS.
#4
Just Joined
Joined: Jun 2003
Posts: 19
Re: frozen pensions
Originally posted by tia
My husband tried to get a transfer value of his pension,but they would not give him one as they said they are wating for some new bill to be passed in the goverment to do with pensions.As anyone else come across this with there pensions,his pension is frozen at present with his previous employer(BMW) .Possibly wont get any info for months to come and we are moving to oz in aug...
My husband tried to get a transfer value of his pension,but they would not give him one as they said they are wating for some new bill to be passed in the goverment to do with pensions.As anyone else come across this with there pensions,his pension is frozen at present with his previous employer(BMW) .Possibly wont get any info for months to come and we are moving to oz in aug...
Pending new legislation modifying the transfer regulations see attached OPRA bulletin - schemes are able to decline to issue a transfer value.
http://www.opra.gov.uk/publications/...s/up1-04.shtml
Once the new legislation is in place (expected during the Summer) the issue will be resolved.
This does not affect peopel who have personal pension plans.
#5
Forum Regular
Thread Starter
Joined: May 2003
Location: great barr.bham
Posts: 39
thanks david for info on my husbands BMW pension,they have told him to get in contact with them later in the year for a transfer value.We move to oz in aug 03 so will have to do it from that end,we will be in contact with you as soon as we no.Could you tell us your address to get in contact with you from perth......many thanks